The Gujarat government is planning raise about US$648mn through an IPO of state-run firm Gujarat State Petroleum Corp (GSPC), according to reports.
The reports state that state government will sell 15% in GSPC in the IPO. The public issue will most likely take place during April-June.
A preferential allotment of 5% of GSPC at about Rs810 a share has been made to existing shareholders, including government-run State Bank of India, and IDBI Bank, reports added.